Commerce Secretary Shri Rajesh Agrawal Highlights Trade and Economic Cooperation at BRICS Meeting in Gandhinagar
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500+ questions on Current Affairs & GK with explanations
📌 Summary:
- Commerce Secretary Rajesh Agrawal delivered keynote at the 2nd BRICS Contact Group on Trade and Economic Issues (CGETI) meeting in Gandhinagar; 1st CGETI was virtual in March 2026
- India holds the BRICS Chairship for the 4th time (after 2012, 2016, 2021)
- Theme: "Building for Resilience, Innovation, Cooperation and Sustainability"
- Intra-BRICS merchandise trade has grown 13-fold — from USD 84 billion in 2003 to USD 1.17 trillion in 2024 — outpacing global trade growth
- Still, intra-BRICS trade is only ~5% of global trade → significant untapped potential for deeper value-chain integration
- Discussions focused on: strengthening multilateral trading system, MSME internationalisation for employment, resilient and diversified global value chains, expanding services trade
- Stakeholder benefit areas highlighted: farmers, women, entrepreneurs, businesses
- India's FY 2025-26 exports to BRICS: USD 82.0 billion (merchandise); USD 31.3 billion in services (CY 2024)
- On 15 May 2026 delegates visited GIFT City, Gandhinagar — toured command/control centre; presentation on developing GIFT City as world-class financial centre for banking, capital markets, fund management, leasing
🎯 UPSC Relevance: GS2 — Bilateral, regional & global groupings (BRICS). India's BRICS Chairship priorities; multilateral trade architecture; GIFT City as international financial centre; intra-BRICS trade as a hedge against Western protectionism.
📝 Prelims Facts:
- BRICS = Brazil, Russia, India, China, South Africa (expanded with new members from 2024)
- India's 4th BRICS Chairship — previous in 2012, 2016, 2021
- Intra-BRICS trade: USD 84 billion (2003) → USD 1.17 trillion (2024); 13-fold growth
- Intra-BRICS share of global trade: ~5%
- India's exports to BRICS: USD 82.0 bn merchandise (FY 25-26); USD 31.3 bn services (CY 2024)
- CGETI = Contact Group on Trade and Economic Issues
- GIFT City = Gujarat International Finance Tec-City, Gandhinagar — India's IFSC
🔑 Key Term: CGETI — A BRICS working-group mechanism under the Trade Ministers' track that prepares the technical agenda on trade, MSMEs, services, value chains and the multilateral trading system for higher-level BRICS meetings.
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